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will also hear from president obama, who signed the deficit reduction measure into law, part of the deal to raise the debt ceiling. first, senate majority leader harry reid and republican majority leader mitch mcconnell will talk on the senate floor about the january fiscal deadline. >> since our country voted to return president obama to the white house, i have spoken often about compromise. i remain optimistic that, when it comes to our economy, when it comes to protecting middle-class families from a whopping tax hike, republicans and democrats will be able to find common ground. president dwight eisenhower, a republican, once said, "people talk about the middle of the road as though it were unacceptable. there have to be compromises. the middle of the road is all usable space." so said white house and higher. -- dwight eisenhower. too often, we face off, not realizing that the solution rests somewhere in the middle. i remind everyone of one fact. this congress is one vote away from avoiding a fiscal cliff for middle-class families and small businesses. we can solve the greatest econo
that we do need long term -- deficit reduction -- that is important to america's credibility. it is important for america's economy and economic growth. that plan has to be balanced, and that means significant revenues and that paying has to go around. that means the wealthy and well- off have to pay their fair share as well. these should not be new issues. they are ones that were debated. they came up in every debate -- even the foreign policy debate. the american people are on the side of the president and democrats who are making this case. that is not to say that there should not be spending as part as this debate. there has been over $1 trillion in spending cuts. that is a part of this debate that gets lost. just because washington has a short memory does not mean we should all have one and that there has already been sacrifice on behalf of the american people through those domestic discretionary cuts. we are excited. c.a.p. has been a lot of work on the fiscal cliff. we have talked about medicare savings that can improve and strengthen the program and address rising nat
back to work, a deal with our deficit, and we will not have economic security for the future. in order to create jobs and fiske our economy, we have to invest in energy production and domestic manufacturing capacity. they are the engines of economic growth for us in the future. we have to go back to being the country that builds things, rather than the one that just consumes goods that have been produced overseas. with that in mind, i have championed the legislation to create a national infrastructure bank. according to a recent report, failing to invest in our nation 's infrastructure could cost the united states $129 billion a year and over the next 10 years. it reads, u.s. businesses added $430 billion in transportation costs. u.s. exports will fall. meanwhile, we are falling behind in the global economy. china invests 9% of their gross domestic product in infrastructure. india, 5% and rising. in america, we spend less than 2% of gdp on infrastructure. it is a concept with broad and bipartisan support. it could help close the gaps. do something about bringing tele-communications acr
will be speaking about the so-called fiscal cliff and that is a reduction -- and deficit reduction. we will have that live here on c-span at 11:30 a.m. eastern. over at the white house today, president obama is meeting with small business owners. at 12:30, jay carney will hold a press briefing and take questions from reporters. this afternoon, the president and vice president will meet with the mexican president who takes office december 1. the press briefing today at 12:30. on capitol hill, the house of representatives returns today at 2:00 p.m. eastern on their agenda this afternoon five bills including a measure requiring the department of a homeland security to report on security. later this week, a student visa program. also this week, the democratic leadership elections. that will be coming up later this week. live coverage of the house at 2:00 p.m. eastern. a number of senators have been meeting with u.n. ambassador susan rice in the wake of her comments following the attack on the benghazi consulate. just wrapping up is a brief news conference and statement with senators. here is a look.
to have full employment, given that? we did not have large budget deficits. what makes it so much harder? and it's adding up. it gives the persistent trade deficit. we used to not have one and now we do, and it is a big drag on the economy. the trade deficit is significantly down. we have had some -- the u.s. has actually become more competitive, but that's a front on which we need to work. there is a -- the trouble is the political debate has not kept up with the reality. at it all about china. actually, china is no longer the core of that. it's a much broader set of countries. those need to be work on. i hope the next president, instead of not just crude china bashing but what to do to have a world that is no -- we don't have everybody trying to run a trade surplus, which the germans believe is possible but the rest of us don't. then the issue of trade and income inequality, and a lot of -- used to be we traded with countries that were similar. and that presumably had relatively effect on income. if you make -- if you send auto parts to canada and conditioned sends assembled cars back
social security off the table for the current fiscal cliff and deficit discussion, but be very honest about what we're going to achieve in the near term. >> reporter: republicans pushed back, arguing social security is part of the deficit problem because it is no longer taking in enough in taxes to cover the benefits it pays out. social security makes up the difference by cashing in special treasury bonds it holds in its trust fund. but conservatives point out the money to redeem those bonds comes from taxpayers. >> it is money that is coming out of general revenue that is going into social security that reduces the amount of revenue that is available for everything from aircraft carriers and roads to environmental issues. >> reporter: legally, social security is off-budget, meaning its cash flow is not considered part of the budget deficit. and defenders argue the money used to pay off the special treasury bonds in the social security trust fund are no different than the money owed to any other bond holder. >> we're using social security as a piggy bank to deal with the problems in t
when people first signed that pledge, the federal budget deficit was $220 billion. this year, $1.1 trillion, how can you say nothing has changed? >> lots have changed. bush focused not on spending. the pledge only does certain things. the pledge makes tax increases more difficult at the state level, at the national level. you haven't had a republican vote for income tax since 1990 when bush threw away his presidency. 1993 tax increase, only on democratic votes. then no tax increases until 2009 when obama came in and raised taxes with obamacare. >> isn't this -- you are having republican is take a difficult pledge to cut taxes, isn't that like a quarterback saying they like taxes? >> it's a pledge not to increase taxes. people say why don't you toughen it. you don't want to change it because it is a simple guardrail. it doesn't solve the world's problems, it says no net tax increase. >> in your mind when someone signs it, how long are they committed to it? >> in writing when the person signs it as long as you are a congressman or senator. >> you are signing this for life? >> unles
should address the drivers of the deficit. social security is not currently a driver of the deficit. that's an economic pact. while the president supports engaging with congress on a separate tract to strengthen social security, for entitlements we need to look at medicare and medicaid. >> joining to us talk about that and more is alan krueger, chairman of the council of economic advisers. can you help us interpret what jay carney just said? a lot of republicans have gone into this debate and discussion saying, you want more in taxes but in the same time we have to have entitlement reform. is he taking that off the table, mr. krueger? >> the president has pursued a balanced approach all along. he's had entitlement reform on the table. if you look at budgets, there are tough decisions there relating to health care costs, which are driving our deficits. additional revenue from upper income earners. >> medicare is still on the table when it comes to discussions about the fiscal cliff but not social security? what exactly are we talking about? >> as jay carney said, social security is not a d
an incredible plan to get on top of debt and deficit, to show how we will pay our way in the world we have record low interest rates. low interest rates described by the shatter chancellor as a key test of economic credibility. >> ed miller band? >> can i start by joining the prime minister in paying tribute to walter berry of first battalion richmond of scotland. he should yet most courage and bravery and all our thoughts and condolences are for his family and friends. can also express my deep or about loss of life in israel and gaza in recent days including the latest polling terrorist attack on a bus in tel aviv. there's widespread support on all sides of the house for an immediate and durable cease-fire being agreed in israel and gaza. will the prime minister set out in his view their main barriers to the cease-fire agreement now being reached? >> i agree with right hon. gentleman about the appalling news this morning about the terrorist attack on a bus in tel leave and also express our deep concern at the intolerable situation in southern israel and the grave loss of life in gaza. yes
japan in a trade deficit for the fourth straight month. finance ministry officials released preliminary figures shortly before the markets opened. the deficit came in at $6.7 billion. exports fell by 6.5% from a year earlier. exports have fallen five months in a row. cars and steel led the drop and imports fell by 1.6% from a year earlier. exports to europe tumbled more than 20%. the debt crisis has dampened demand. exports to china fell more than 11%. consumers upset about the material -- territorial dispute are shying away from japanese goods. >>> serieses say the settlement body upheld most of the -- wto officials sent a final report to the parties involved. the document advises ontario to rer rectify the issue. the wto says the -- canadian officials may appeal the decision. >>> tokyo stock exchange officials are calling on small businesses in south korea to list their shares on the tokyo boards. the tse made the promotion in a seminar in seoul on wednesday. the event was held by an organization that helps enterprises to raise funds and enter foreign markets. more than 200 south kore
. >> my friend makes a good point. because we have an incredible plan to get on top of debt and deficit, to show how we will pay our way in the world we have record low interest rates. low interest rates described by the shatter chancellor as a key test of economic credibility. >> ed miller band? >> can i start by joining the prime minister in paying tribute to walter berry of first battalion richmond of scotland. he should yet most courage and bravery and all our thoughts and condolences are for his family and fries. can also express my deep or about loss of life in israel and gaza in recent days including the latest polling terrorist attack on a bus in tel aviv. there's widespread support on all sides of the house for an immediate and durable cease-fire ing agreed in israel and gaza. will the prime minister set out in his view their main barriers tohe cease-fire agreement now being reached? >> i agree with right hon. gentleman about the appalling news this morning about the terrorist attack on a bus in tel leave and also express our deep concern at the intolerable situation in souther
to hammer out a deal on the greek deficit. prime minister says they're cle. politicians are considering a debt forgiveness program but could see talso reaching agreement on a framework for the planned eurozone banking union. speaking to the ft, the eu internal markets commissioner said ministers must meet a december deadline in order to placate financial markets. and this as in spain voters in cat take loan i can't giving a victory to the separatist party, but the region's president lost ground. so what does it mean for the push for independence and the deficit reduction plans? julia is in barcelona for us. what does it all mean? >> it's being seen as broadly positive because it weekens his push for independence in the region right now. but the overriding message is that two thirds of the people that voted here voted for pro nationalist or separationist parties here. and this is a sentiment that's been growing over a number of years. and the president has to try to align himselves with other parties bearing two key facts, where does he take the push for a referendum, how does that influ
. it is still about three times the average deficit under bush. let us go back to the clinton tax era. eileen anywhere between republican and libertarian. up -- yes i am not. i lean anywhere between republican and a libertarian. host: what do you make of republicans up on capitol hill -- to sort of a back off the tax pledge that he took when he ran for senate, saying he would not raise taxes. caller: if we are going to raise taxes my important thing is raising them on everybody. because if they try to strike a compromise where only the rich get taxed, then it gets more progressive. it is not a point to help the budget. we are right to raise taxes, raise them all the way down to where clinton had them. host: senators lindsey gramm represented peter king, talking publicly abandoning the pledge of democrats will talk seriously about entitlement reforms. rest in peace, grover norquist? there are not enough republican tax hikes -- republicans to hike taxes for obama. the left is doing its best to make tax hikes appear to be a foregone conclusion. that is their take on tax hikes. eddie, on our line
rate will necessarily go up. we talk about debt and deficit in this chamber, if we remember less than 12 years ago, 12 years ago we hit a budgetary surplus of $258 billion. meaning that we were taking in $258 billion more in each year than we were spending. how was that possible? it was made possible by having created 22 million private sector jobs in the previous eight years. . what was the policy then? the policy was to invest in the american economy, in the american people, in education, in scientific research, and infrastructure. so i think the lessons from our most recent past are very instructive today as to what we should be doing in washington to promote growth. the gentleman from california spoke of a plan i was working on, that's a $1.2 trillion investment in rebuilding the roads and bridges of america. that plan, advanced by the new america foundation, would create 27 million private sector jobs in five years. the first year alone, over five million jobs which would reduce the current employment rate from where it is today to 6.4% and in the second year, 5.2%. now public in
debt today and deficit because in many ways it is in fact the spreading cancer. i call it that because occupation with a well diagnosed cancer, we know it's there and we know that it will spread and we know it can do. but we are now not operating as a prudent patient. too many americans are in fact choosing to ignore it. we are in some form of a state of denial. because if you think you are causing a crisis coming to americans have a false sense of security that everything is okay. there is no decisive action required today. we feel we can deal with it tomorrow. of course come in either of these two beliefs are true. what is certainly true as the federal government seems quite able to add $1 trillion each year to the national do. many people believe we can do this indefinitely. too many people actually believe this can go on for a decade after decade. they think so because one of the facts is as a country we can currently borrow money. my note to say 1.7%. but in fact last week it went down under 1.6%. that is kind of a happy state of affairs. we do not deserve to be able to borrow tha
" and he joins me now. thanks for being with us now. we appreciate it. you compare the deficit to an insurance policy. you say it doesn't make you any richer in the short-term, but in the long-term, it is helpful. i want to actually put your statements up. you say let's agree to keep deficits very high for at least another year. and then let's buy an insurance policy against that debt crisis when we can really afford it. so lots of republicans and democrats out there would disagree greatly with you. say that america's ability to pay its debt is really important. how would you respond to them? >> right. i do think that there's a thing that's taken place in washington deficit reduction will stimulate us to enormous growth in 2013. the fact is what deficit reduction is, is tax increases and spending cuts, both of which take economic activity out of the economy. so this really is extremely similar to insurance. if i buy, say, flood insurance. what i'm doing is i'm paying a short premium in the short-term, to protect my house in the long-term. that's exactly what deficit reduction i
that was as efficient we would have no deficit given the baby boom. >> >> it is actually called medicare. with the supreme act the of of, so all of these same of, so all of these same this but our budget problems will be done. >> cell it better dismantle. it is incredible. it is a rejection of theory and evidence. [laughter] that is pretty impressive. >> host: look at the interface between medical costs and the budget. the idea we have to have commissions like bowles simpson with the shares between spending and so forth. why don't we look at that in the eye? >> the riyal abbate of merck can -- american. the insurance industry is very influential. if you take one provision but to provide for egyptian dragon's for medicare. >> if anybody is serious about but we are they talked about i think health care reform should. medicare for all is where we should go broke teach teetwenty three. we had this plan is in an good to get to the effects of the single carrier system we should have a public option. then the public our action is killed. >> but right now is to establish the principle of univers
budget deficits could remove road blocks to growth. on the other hand, going over the cliff might mean a recession. on top of that, worries about a deal were already causing trouble. > uncertainty about how the fiscal cliff, the raising of the debt limit, and the longer-term budget situation will be addressed appears already to be affecting private spending and investment decisions, and may be contributing to an increased sense of caution in financial markets. >> susie: wall street and business leaders were pleased that bernanke was talking tough. and they said the fed's role in the fiscal cliff negotiations is to communicate. >> tell the world and the individuals in the political establishment that they have to help get their act together or we have a problem, and that notion of preaching from the pulpit that he has is very fundamental. >> susie: is there another role or more of a role for the fed? >> i think to be a cheerleader and to be on the sidelines telling the government they have to do what is right for the public. >> susie: as for what the fed can do if the u.s. heads into re
is on an unsustainable path. the budget deficit, which peaked in 2009, is expected to narrow further in the coming years as the economy continues to recover. however, the cbo projects that under a possible such a policy assumptions the deficit could still be greater than 4% of gdp in 2018, assuming the economy has returned to its potential by then. moreover, under the protection, the deficit and the ratio of federal debt to gdp would subsequently returned to an upward trend. we should all understand that long-term projections of ever increasing deficits will never accept underpass because the willingness of lenders to continue to fund the government can only be sustained by a responsible fiscal plans and actions. a credible framework to set a better fiscal policy, one in which the ratio of federal debt to gdp eventually stabilizes or declines, is urgently needed to maintain stability. even as policy-makers address the urgent issue of longer run out stability, they should not ignore a second key objective, to avoid unnecessarily adding to the head winds that are already holding back the economic recovery
deficits close to 4% to 5% over the next decade and that's cbo forecasts. if that occurs, you're talk about the debt getting more and more out of control. because the u.s. is the global reserve council, it's reliant on global reserve investment. >> just want to make sure that people have enough treasuries to trade. that's all it's about, charles. isn't that very generous? >> it is very generous. but left unaddressed, the fiscal problem is beginning to be a problem. but equally they don't want the full hit at this stage. so it is a matter of coming to some compromise, so you are going to have to see some kind of adjustment on the taxation side. that is what everyone is hopeful for. but it's still a political game. >> and we've been burned before. let's recap in the meantime a couple of developments in europe overnight. the european commission is expected to approve the restructuring plans of spags's na -- spain's national lenders today. a token price of -- yes -- one euro. the valencia-based lank was one of four to be nationalized in the past 12 months. and hundreds of greek workers marched
deficit right now. it is the bridge to renewable energy, renewable energy will take a long time. if we can move to gas we get tremendous benefits in terms of cleaner energy on the way to renewable energy future. if we could get those things done, steve, this would be transformational for our economy but we have not been able to act on these things even though i said earlier there is wide bipartisan -- >> thank you. let me just try to poke holes in this. if we rollback time to just before the financial crisis you look at the u.s. deposition. douglas holtz-eakin was out there talking about that already. and john mccain and others have been but it is much worse today but if you look at the deck in a different way, look at private sector debt, the fact, forget government debt. before the financial crisis private-sector debt was 160% of gdp in the united states and despite averaging, back to 160% of gdp we are still in crisis mode, you had structural corruption between regulators and financial institutions and any place in the economy and a private sector event that led to a government response
. it almost makes me upset. interest rates are going down because they can't get a hands l on the deficit because stocks are going down. that's the reality we're dealing with. consumer confidence this morning, listen, i'm worried about the fiscal cliff. i have my button on. anybody who tries to put words in the general public's mouth about the fiscal cliff, these confidence numbers dispel that notion that they're worried. they probably don't even really know the details. >> david kudlow, you are taking something of a risk-on strategy. you're going with the high-growth, high-dividend plays in this market, aren't you? >> yeah, we are. it's a strategy that's worked quite well p the uncertainty we've had over the fiscal cliff. with the positive economic data coming in, high-growth areas have done well for us. hi areas have helped diversify and steady the portfolio. >> you're not worried about impact that the fiscal cliff could have on the tax treatment of dividends out there? you get all these companies imposing early dividends, special dividends to try and slip it in before the end of the ye
plus dollars deficit. we need way more than these kind of things to fix this. we need to cut spending. that is what we need to do. this is the only way we will balance the budget. melissa: you make a point not everyone has made, just the impact of the stock market of what is going on. raising taxes on investment doesn't even hurt as much as just how much government spending is going on. >> i will try. this is the heart of economics. call it the cloud or the smart phone or the tablet, those technologies to throw out productivity efficiency. and the games society makes from these technologies, we get reinvested, sort of the savings we had from using a tractor on the farm, so the price of food goes down, the resources get redirected into something new like inventing an automobile, if the government steps in and spends that money, takes it away, taxes it and spends it, we don't get the full benefit of the technologies that we are inventing. that is why we have a percent unemployment rate, growing 2% today. if we had a smaller government, we should be growing faster and have more jobs and
figures shortly before the financial markets opened. last month's deficit came to about $6.7 billion. exports fell by 6.5% from a year earlier. that's in yen terms. japan's exports have fallen for five months in a row. cars and steal led the drop last month. imports also fell by 1.6% from a year earlier. now, by destination europe tumbled by 20% as the region's debt crisis continues to dampen demand. exports to china fell by over 11.5% and anti-japan sentiment dented demand for japanese goods. now let's get a check on the markets. on the tokyo foreign exchange, the dollar is gaining ground against the yen hitting the highest level in just about seven months. dollar yen is currently changing hands at 81.84 to 88 taking a look at the euro/yen, that is also at a six-month high. euro/yen 104.87 to 88. sources say many currency traders expect the bank of japan to deliver mormon tear easing because the central bank gave a cautious outlook for the japanese economy. let's get a check on stocks. japanese share prices are trading higher on the weaker yen this morning. the nikkei average curren
the boring deficit by paying tax on their profits but some multinationals appeared to be paying very low amounts, like starbucks and anderson. i wonder if the prime minister could tell the house whether he thinks the tax code needs investigating. >> it does need investigating. they're looking as hard as they can at what can be done. there are some things one can do nationally and that is where examining but because we live in a competitive global economy where companies can move capital around and move their headquarters and move money around you need greater international agreement. we have an important international agreement with switzerland which is going to recover billions of pounds in tax for our country but we need to work hard and that is where the g-8 can help so we can get a fair share of tax from companies given that britain is doing its part to cover corporation tax to the most competitive in world. >> the prime minister rightly created the wonderful work of the london emergency service--could he share with me concerns of the london public to see the number that is threatene
is that although it's running a primary deficit, actual servicing makes if worse. so one thing you can do is take away some of the debt burden to enable them to try to get the economy back into some sort of primary surface situation. but imagine we have a baby crawling across the floor and it keeps crawling away from us. we're picking up up the baby and bringing it back closer to us, but it's still crawling. so as soon as you put it down, it's heads off back where it came from. so the real problem with greece, they say the good news is we'll stay in the euro. really? the problem for greece is that greece in the euro appears to be uncompetitive. you either come out of the euro, and you have big significant drop in the value of your currency so everything that you do, no one would seem there is much change in import costs, but suddenly everything in greece is more than competitive. but if you stay, instead of the currency dropping 0%, every person's salary has dropped 30%. so this gets much, much harder. >> it's clear the internal devaluation is much more difficult, but also that it has been happen
% of the trillion dollars deficit why risk slowing down the economy, which a lot of people say might happen if you increase taxes why slow the economy for such a collectively small amount of money? >> first thought don't think it is a small amount of money. we need a balanced approach. david: uribe 2% of the deficit unfunded if you do that. >> to look at the president's budget, what he proposes is raising $1.6 trillion proposing spending cuts as well, combination of which would put us on a sustainable path in the economy in the long run. what we should avoid doing is having gridlock, not extending the middle-class tax cuts would wish on our report today is if the middle-class tax cuts are not extended that will cause consumer spending to fall by $200 billion next year. that'll be an awfully big hit to the economy. liz: to a for somebody economic council, physically says middle-class tax cuts on consumer spending, everybody spends. how do we come to this agreement, we keep hearing left the tax cuts they now warren buffett came out with an op-ed in "the new york times" say saying we should make that
, melissa. you and i know this. a lot of viewers might not know, we have 5.3 trillion deficit because of one person, that is obama. he doesn't seem to change his behavioral patterns now so it is not getting any better. how could we his own budget come up with $5.3 trillion in four years and then say, now we have to somehow find $1.2 trillion for 10 years? meantime he will continue to go ahe and increase the deficit. so i don't have any faith in it. look, this morning i was on "fox & friends." i outlined a lot of alternatives we could do where we wouldn't have to raise taxes. one was, i already introduced legislation that would take care of that. we covered it at some length. but if you looked at what happened in the past, the best way to do this is get all these regulations out of the way so people can grow their own businesses. for everyone percent increase in -- everyone% increase in thatas kennedy back in the '60s. he discovered that. that wasn't republican idea. melissa: you're talking about regulation. i know you're really focused on the epa so i don't want to runut of time without aski
with an incredible deficit deduction in place. >> i plan to wake up with a big hangover. >> if we would go ahead with sequestration and increase in tax rates, they have to be happy. where is santelli on this? >> he does wear a pin, santelli. it's a good question. >> look, i just think that it is true that january may not be a debacle. as someone that cares about -- let's put my cards on the table. higher stock prices. we ain't going to go in that direction. it's not good for the stock market. >> we hear it all the time from business leaders. i heard it yesterday. head of north american m&a. if you get me a deal, i as ceo am going to make significant decisions that i'm not making now. >> there it is. it's the decisions. it's the decision to hire. decision to invest. it's a little dicey. you don't know what the world is going to look like. i think that the guy i care about may be more than the people meeting with president is jpmorgan head of m&a. these are few and far between. i spoke to ceo of pbh after interview he said i want to make money for shareholders taking advantage of the fact that int
the plan to a bankruptcy judge on friday. sa they need to close a nearly $46 billion budget deficit. new york and new jersey need at least $71.3 billion to recover from the devastation of super storm sandy and prevent similar damage from future storms. this is according to the state's latest estimates. that total of course could grow. steve liesman has been crunching the newspaperup i numbers and hn the next hour. this is to try to build up some sort of protection, some massive floodwalls. governor cuomo was saying this would be like $9.1 billion to start building. >> questions about the future of the sec following mary shapiro's exit. elyse walter could run the agent until december 2013 when she would have to be renominated and reapproved by the senate. among the issues, and ongoing battle over regulating the $2.5 trillion money market fund industry, some 63 unfinished rule making requirements that are all part of dodd-frank and continuing fears of course about market stability and high frequency trading. p. >> money markets used to be covered by the fdic when the crisis first came on.
is on an unsustainable path. the budget deficit, which peaked 2009, is expected to narrow further in the coming years as the economy continues to recover. however, the cbo projects that under a possible such a policy assumptions the deficit could still be greater than 4% of gdp in 2018, assuming the economy has returned to its potential by then. moreover, under the protection, the deficit and the ratio of federal debt to gdp would subsequently returned to an upward trend. we should all understand that long-term projections of ever increasing deficits will never accept underpass because the willingness of lenders to continue to fund the government can only be sustained by a responsible fiscal plans and actions. a credible framework to set a better fiscal policy, one in which the ratio of federal debt to gdp aventurine stabilizes or declines, is urgently needed -- and eventually stabilize or declined, is urgently needed to maintain stability. even as policy-makers address the urgent issue of longer run out stability, they should not ignore a second key objective, to avoid unnecessarily adding to the he
out of their pockets to his deficit reduction. so we've had thoughts of things squeezing us at different levels. we are now facing biggest threat through sequestered. janet mentioned the fiscal cliff in one part of the fiscal cliff is these across-the-board spending cuts to take effect january 2nd. it's going to be an 8.2% across-the-board cut in education, job training and health, housing, fbi, air traffic controllers from the food safety, entire range of domestic programs. for education if you count headstart, which is at the department of health and human services a $4.8 billion cut would be the largest education cuts ever in the history of the country. that would just move us -- essentially move us backwards on whether the goal is closing achievement gaps come increasing high school graduation rates, increasing college access and college completion. our biggest challenge in the short-term this lame-duck lame-duck session this to work together with groups like the urban league and national council to come up with a balanced approach to deficit reduction. as genocide, as p
budget is on an unsustainable path. the budget deficit which peaked at about 10% of gdp in 2009 and now is 7% of gdp is expected to narrow further in the coming years as the economy continues to recover. the cbo projects that under a plausible set of assumptions, the budget deficit would still be greater than 4% of gdp in 2018, assuming the economy has returned with potential by then. moreover, under the cbo projection, could deficit and raise your federal debt to gdp would subsequently returned to an upward trend. we should all understand that long-term projections of ever increasing deficits will never actually come to pass because the willingness of plunder to continue to fund the government can only be sustained by irresponsible fiscal plans and actions. host: that was ben bernanke at the economic club of new york yesterday. looking for your confidence in the u.s. economy. already getting some comments on facebook -- abroad we are taking your comments on twitter, facebook, and calls. we start with joseph from maryland on the democratic line. thanks for joining us. caller: good morni
and says the end for hp is not even sight. >>> also, japan has posted its worst trade deficit in october for more than three decades. exports dropped sharply amid territorial tensions between tokyo and beijing. it indicates the world's third biggest economy is inching closer to recession. this means the country would have seen its fifth technical recession in 15 years. at the same time, japan's opposition party promised a massive easing blitz meant to pull the economy out of its funk. that's if the ldp returns to power on december 16th. he promised to compile a large extra budget. he's also it rated calls to lift calls above the 1% target. >> translator: we should target inflation of 2% to 3%. i prefer 3%, but i will leave that up to the experts. i have never said the boj should directly buy bonds from the government. they should buy them from the market. >> his party is also considering the revision of the bank of japan law. yesterday the bank of japan chief hit back saying it was unrealistic. >>> just the latest in japan. let's get the market report kicked off by sixuan. >> let me star
. in other words, instead of a cliff, that you reduce the deficit over time in a much more orderly fashion. >> with a plan, though. >> with a plan. exactly. bowles simpson was a plan. >> bowles simpson is so far gone at this point. >> but when you look at those, they all have some come by neigh of spending cuts and tax increases. the idea is that over a period of time, you basically put the country in a better path, the government in a better path to spending and taxation. what you don't want is the fiscal cliff because that was designed to be something that nobody liked. and the reason is, yes, you've reduced the deficit from about 7% of gdp down to about 4% of gdp, so you move in the right direction really dramatically, but you do it in a way that nobody was happy with exactly where those cuts come from and exactly how the taxes increase. >> with what you're seeing, and we never know, it's almost like a mating dance where you've got the male and a feel of some species -- >> it's an ugly one. >> looks like they're never going to do it. they get closer and closer. >> but there is a lot of
, will congress be able to reach a fiscal cliff deal that really cuts spending and the deficit? wooohooo....hahaahahaha! oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're not. i know. you know ronny folks who save hundreds of dollars switching to geico sure are happy. how happy are they jimmy? happier than a witch in a broom factory. get happy. get geico. fifteen minutes could save you fifteen percent or more. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> another busy news day. markets higher right now. we had the cease fire now announced between israel and hamas. if there isn't peace in washington on avoiding a fiscal cliff, will these gains go away in a hurry? >> joining us now, rich bernstein, cnbc contributor, anthony chan, and our own bob posani. bob, so far we've seen, what, t
to be sitting on the sidelines and lose jobs. we've seen. that our manufacturing goods, trade deficit has gone up. >> that might be true that some play dirty, with don't we as well snt risk becomes that we encourage mal investment. all the things that make the united states unique and special over the past 100-odd years in the economy and that's innovation. and that's resilience had to do little with subsidies. little with special treatment but rather equal playing field. let's not corrupt what is made special to play dirty to keep up with the dirty players. >> i'm not suggest we go play dirty. i disagree with your economic history a little bit. every successful industry that's been incubated in the united states has been subsidized like sems and you can go back to the telegraph and find. that i think we have a differing view of economic history. but what i'm suggesting is this, someone's going to make cars for consumers in the united states. i'd like to see them made here. japan, korea, china, germany, they all have manufacturing strategies. if we don't have one, and i think -- i don't think
want to eliminate the deficit or the debt? >> it eliminates -- it does not eliminate the annual deficit. it keeps the debt as a percentage of g.d.p. constant. >> rose: and that's what we can live with in essence. >> we can live with it. the net debt is around 73% or something like that. that was 120% coming out of world war ii. and it will stay in the 70s, might even come down into the 60s, the 18.5% and 21% won't increase the ratio of debt-to-g.d.p. and it may very well bring it down slightly. >> rose: what has this meant to you? this friendship with warren buffett? >> it's been a wonderful friendship. can you imagine the chance to warren buffett about almost anything? to ask his opinion about every story you've ever had on your mind? it's -- it's priceless. and it's been price tlos go at this book and to see it all put down again, to add my introductions and to see how good fortune was at staying with this man as as -- as i say, we were standing by while warren buffett was becoming warren buffett and it was a remarkable thing that we were allowed to do and i loved it. >> rose: i'm sma
of the deficit. that's an economic fact. >> we've been open to revenue by closinging loopholes as long as it's tied to spending cuts. >> as long as it's mitt romney's plan. that's what we're for. >> stephanie: what? you're acting like, it's almost like a hostage crisis. like they don't have the gun and are issuing demands. like what? >> what are you talking about? >> stephanie: exactly. mike in philadelphia, you're on the "stephanie miller show." hi, mike. >> caller: hi, steph how are you doing? >> stephanie: good, go ahead. >> caller: eric con tore brought obamacare back on the table. they won't leave that alone. >> stephanie: no, they are just the sorest losers in the world. it's like he won he won at the supreme court he won at the ballot box again moving on, we are not repealing obamacare. like really? the white house warned monday that american consumers will spend $200 billion less if the looming fiscal cliff is not averted and tax hikes are not spread across the board. the economy would take a hit of $500 billion, probably sending the country back boo recession. i get what the white h
the revenue that gets us out of the deficit. >> a $4 trillion deal would be your goal. i want to focus on maybe something that hasn't been talked about as much, and that's entitlement reform. and the big one here would be medicaid and especially medicare. if you had to tell your democrat colleagues, here is the one reform that i think you should make to medicare, to reduce the growth and expenditure there, what would it be? would it be increasing the eligibility age? would it mean that the wealthy have to pay more? what would it be? >> there are any number of those things. you say to people at or near retirement, we're not going to change it for you. but for younger people, they want a change. they'll support it because we've got to make sure these entitlement programs are solvent both now and for the future. so i believe we can come together in a bipartisan way and do this. it's got to be part of a package in order to get the job done. >> i couldn't agree with you more on that because the history of american workers over the past 24 years is that we have adjusted to reduced benefits,
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